Yep. And, frankly, even within large or large-ish profitable companies, it's not uncommon to hear people making complaints along the lines of "What on earth do all the people in $XYZ_GROUP even do?" Now, I have no doubt that there are indeed inefficiencies within many companies and those inefficiencies tend to increase with scale. But there probably aren't 4x the number of people in finance, for example, that there need to be.
